How to Get Education Loan | Education Loan Benefits – Loan Eligibility

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How to get Education Loan | Education Loan Benefits – Loan Eligibility Higher education is needed to fulfil your dreams, but many times due to the financial condition, people can not study higher studies which they regret for a lifetime, but if you want you can fulfil your dream of education Loans – Higher education can take higher education.

But before learning about education, it is very important to know how to get education loan, what is the scope of taking loan, for whom education loan can be paid, education loan, how much interest is on loan, bank What is the processing fee for taking a loan from, what is the best scheme for education loan, besides which important documents do you need to take education?

How to get Education Loan | Education Loan Benefits – Loan Eligibility

We will make all the information related to this information available to you in this article. By reading, you will understand how to get an education loan easily.

  • Students from 16 to 35 years can get an education loan.
    Only if you are a citizen of India can you take an education loan? At the same time, before taking education loan, you will have to take admission in any university or college in the country or abroad, then you will get education loan or else you will not be able to take education loan.

Who gets a loan from the bank?

An education loan can be taken by only those people who can pay it because banks also check the ability to repay the loan holder and still pass the education loan.

An education loan can either be the parent of the student or, after completing his studies, he can return to the bank. Apart from this, the bank also has a guarantor condition before giving loan to education loan. This guarantor can be a close relative or a guardian of the person taking it.

What is the education loan scope, which courses are included – Education Loan Details

When you take an education loan from the bank, the bank provides financial help to you to meet the expenses incurred for any course. Let us know that the education loan covers the courses taught in the country and abroad.

For classes like Class 12th in India, Graduation, Post Graduation, PhD, Engineering, Medical, Agriculture, Law, Dental, Management, Computer, Computer Courses of Recognized Institutes, ICWA, CA etc. An education loan can take.

If you are taking a loan for reading abroad, then education loan can be acquired from any reputed university’s job oriented professional or technical course, graduation, post graduation, MCA, MBA, MS etc. also for education.

What expenses do education loans get?

There are also expenses incurred during the education loan under study. Such as schools, colleges and hostels fees, examinations, library and laboratory fees, books, equipment, instalments, uniform purchases, travel expenses abroad, travel expenses, study tours, project work, thesis etc.

An amount for education loan

For education in India, loans up to Rs 4 lakh are easily provided by the loan bank, but if this amount is more than 4 lakh, then the student has to arrange the total education expenditure or 5-15% of the required amount. Let you know that this amount is 5% in relation to the domestic course and 15% in relation to the foreign course.

Documents required for taking education loan – Documents Required for Education Loan

How to get Education Loan | Education Loan Benefits – Loan Eligibility To take an education loan, you have to keep some necessary papers, through which you can pass this loan and you will be able to fulfil your Higher Study dream.

  • Admission certificate
  • Study Course Prospectus
  • Loan Application Form
  • Age proof certificate or mark sheet of a tenth
  • Passport Site Photographs
  • Marksheet of last education
  • Bank passbook
  • ID proof
  • Pan card (guardian and student)
  • Aadhar card (guardian and student)
  • Parental Income Proof or Income Certificate
  • Guarantor’s income certificate, bank statement, a copy of an income tax return
  • University letter if you are going abroad
  • Visas and Travel related papers regarding foreign course
  • Detailed list of expenditure shown in a loan application
  • If the student has resorted to any scholarship, then the copy of the letter should also be given.

Apart from this, if you are taking any kind of rebate from the bank like some banks give a discount to the interest rate or do not charge pre-payment for the loan, then you need to give some required certificates in this regard too. Will be.

NOTEAdmission can be done only in the accredited institution or the education loan can be rejected. The course with the institute should also be recognized by the UGC?

The high cost of scrutiny does not imply that you can’t pursue your chosen programme. Nowadays, most banks meet the expense of education loans. In fact, scrutiny loans are categorised as priority sector lending for public sector banks. But gone again, it does not approach toward that lending institutions are unexpected to disburse loans for all programmes and for all institutions. Bast It is a rationed product as Harsh Roongta, CEO describes it.

Security requirement for taking more loans

If students take loans up to 4 lakhs then they can take loan jointly with their parents. There is no need for any kind of securities separately. Even if this loan amount is between Rs 4 to 6.5 lakhs, then a third person may need as guarantor. But if there is more than 6.5 lakh in the same loan, then banks can ask to place an asset in the form of securities as collateral. You can also use Property, Fixed Deposits, LIC bond for this.

Education Loan Interest Rates

Nowadays, most banks provide education loan from 9.30 to 13% of interest rates. Most education loans are for a period of 15 years. While the interest can be determined on the basis of fixed or floating rates.

How to get Education Loan | Education Loan Benefits – Loan Eligibility

Education loan formation process?

Repayment of education loan means that the bank gives you time until the end of the education course. The loan instalment is started after one year of completion of the course or six months after the job is done.

Income tax rebate

The interest paid on education loan (interest) is exempted in section 80E of Income Tax.


How to get Education Loan | Education Loan Benefits – Loan Eligibility You can complete your dreams by getting higher education through education loan. Therefore it is very important to pay full financially for future education loans.

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